F... gas prices

[onlydarksets]

Originally Posted by GTripp0012

If OPEC cut production 10%, it would probably go past 140. 10% is a ridculously massive amount, and based on the current reliance of economies on cheap oil, it would probably border on inhumane for OPEC to do that for no real good reason.

I think OPEC cut production like 1.5% in November to prevent the industry from being floored, and that meant (I think, I'm not sure on this number, I might have an extra zero) 150 million fewer barrels per day produced.

Looks like 2 extra zeros:
http://www.nytimes.com/2008/12/18/bu...ss/18opec.html
According to the NYT, since September OPEC has made cuts totaling 4.2 million barrels a day (including a 2.2 million barrel/day pledge yesterday), which represents a 12% reduction since September.